In the past few days two Federal Reserve presidents have discussed cryptocurrencies and concluded they are “niche” and “don’t matter today.“
The total market capitalization of the entire cryptocurrency space is around $300 billion – smaller than the Top 10 names in the S&P 500.
In the last three years, Bitcoin has gained a similar amount of market cap as Nvidia…
A de minimus percentage of Americans are exposed to Bitcoin and crypto-currencies.
But it appears the last few days of turbulence in Bitcoin – which saw total losses of around $3 billion yesterday, compared to $60 billion lost in FANG stocks alone – has ‘triggered’ the world’s media into a frenzy..
Which led to today’s White House Press Briefing and an unusual question from one reporter…
“Has the president been following cyrptocurrencies at all? Specirfically the major run-up in it…
Does he have an opinion on it, and does he feel it is now something that needs to be regulated?“
The answer was, perhaps, somewhat surprising…
“The [Bitcoin situation] is something that is being ‘monitored’ by our team…
Homeland Security is involved.”
Which made us wonder…
Is Homeland “monitoring” FANG stocks and how dangerous they are?
Is The White House aware of the billions of dollars bing slammed through precious metals paper markets every morning?
Does President Trump have opinion on the massive spike in EONIA this week?
Did Bitcoin just make it to the big show?
